Carl Phillips

Lloyd’s Exchange sends first message

Posted by Carl Phillips on Friday, August 14th, 2009 at 10:24 am

Little more than five months after signing the contract to create the Lloyd’s Exchange the market sent its first live placement message over the Lloyd’s Exchange on Tuesday. The message was sent by Miller to Aspen Re.

The significance of this event is that it validates the statements made about the Exchange and satisfies the market’s expectations that it is:

• Simple technology
• Quick to install
• Easy to use
• Follows the small steps approach
• Proves the value of a messaging hub

When the market is ready the Exchange will validate the messages to the ACORD 2009-1 placement standard. This is the version that the market has decided to standardise on (more on this topic in an upcoming post).

The challenge now (as a comment to a previous post pointed out) is to involve the ‘grassroots’— the guys with the slip cases and the guys with the rubber stamps. That’s now viewed as a priority for the market associations.

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This entry was posted by Carl Phillips on Friday, August 14th, 2009 at 10:24 am and is filed under Market Operations.

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Comments

  1. From ben kahn at September 28th, 2009 at 7:55 am


    Not convinced the 5th point has been wholly established after one message.

  2. From Carl Phillips at October 8th, 2009 at 8:53 am


    You are right; one message doesn’t make an exchange of information. But at the point of writing the blog, 24 market firms had connected to the Exchange and had sent over 2000 test messages.

    Lloyd’s Brokers and Underwriters should be aware of the efficiency and cost savings using the Exchange will realise through the reduction in connections.

    The messaging hub will remove the need for multiple peer to peer connections. If we suppose that 150 brokers connect with 150 insurers, it would create 22,500 separate connections (150*150 =22,250). With the Exchange there would only be 300 (150+150). It’s simple maths really.

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